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UAE assembly approves public debt law

Abu Dhabi, December 28, 2010

The United Arab Emirate's national assembly passed a new public debt law on Tuesday, marking a key step toward the issuance of the country's first sovereign bond.

The law was approved by the Federal National Council, a parliamentary body which monitors and debates government policy but cannot initiate legislation by itself. It needs presidential approval to become law.

The UAE has said it will consider a federal bond after the passage of the debt law and the creation of a debt management office. - Reuters




Tags: UAE | bond | public debt |

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